Replication README for "Nonprofit Revenue Portfolios and Exposure to Business Cycle Risk" (Searing and St.Clair 2025)

This file is designed to allow users to replicate the results shown in the figures and tables in Searing and St.Clair (2025). All of the results in the paper derive from the Core Files made available by the National Center on Charitable Statistics (NCCS).  

The replication package contains two do files and three data files, all in Stata format. 

The first do file, "Data Cleaning", outlines the minor cleaning that we performed of the raw data provided by the NCCS. This cleaning resulted in "Cleaned_Data.dta." The second do file, "Analysis," outlines the steps of our analysis that result in the tables and figures appearing in the text. The other two data files, "GDP Time Series" and "State GDP Data" are merged into the main data file according to the code outlined in "Analysis". 



